EUROPEAN SESSIONIn the European session, the main highlight is the Spanish CPI report. Headline CPI Y/Y is expected to rise further to 4.6% vs 4.3% prior, but the focus will be on the Core measure which has ticked lower to 2.9% in the prior reading. The market is currently pricing roughly a 31% chance of an ECB rate hike in October, so if we get hot inflation numbers this week, we should see those odds rising above 50% and the central bank following suit. If we get a surprising breakthrough in US-Iran relations before the next ECB meeting, then we might see a dovish repricing across the board, with the central bank holding off from raising rates in October.AMERICAN SESSIONIn the American session, we have the Canadian monthly GDP, the US Consumer Confidence report and the US Job Openings data. None of the data is going to change much for the respective central banks, as both the BoC and the Fed are mainly focused on inflation. The more important event should actually be a potential additional round of US-Iran talks as mediators try to bridge the gap between the two sides to reopen the Strait of Hormuz. We've already got a taste of the volatility around these talks yesterday, with positive and negative headlines triggering spikes in the markets. The focus will remain on the Middle East developments given their enormous influence of pretty much everything now. CENTRAL BANK SPEAKERS08:00 GMT/04:00 ET - ECB's Kazimir (hawkish - voter)10:00 GMT/06:00 ET - ECB's Nagel (hawkish - voter)11:30 GMT/07:30 ET - ECB's Escriva (neutral - voter)13:15 GMT/11:15 ET - ECB's Cipollone (neutral - voter)15:00 GMT/11:00 ET - Fed's Bowman (dovish - voter)15:00 GMT/11:00 ET - BoE's Mann (hawkish - voter)15:00 GMT/11:00 ET - BoE's Taylor (dovish - voter)16:30 GMT/12:30 ET - Fed's Barr (neutral - voter)17:00 GMT/13:00 ET - Fed's Goolsbee (hawkish - non voter)17:20 GMT/13:20 ET - BoC's Gravelle (neutral - voter)17:30 GMT/13:30 ET - Fed's Musalem (hawkish - non voter)18:00 GMT/14:00 ET - Fed's Williams (neutral - voter)19:00 GMT/15:00 ET - Fed's Waller (hawkish - voter) This article was written by Giuseppe Dellamotta at investinglive.com.